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3rd January 2018, 20:24

Gibraltar International Bank transactions connected to companies dealing in cryptocurrencies blocked by RBS UK

The Gibraltar International Bank has confirmed it has received notification that RBS UK will no longer process its transactions through the clearing system if they are connected to DLT companies dealing in Cryptocurrencies.

Chief Operating Officer Derek Sene said the Gibraltar International Bank will now need to establish a similar mechanism with another correspondent bank in the UK so that it can continue operating within the DLT industry. He said it was standard practice for banks to make strategic decisions such as this.

Gibraltar International Bank announced last October that it had begun accepting accounts from companies that used Blockchain technology, adding however that it would not be dealing in cryptocurrency itself.

GBC has contacted RBS UK for more information.